62. Principal must be in existence and capable.

In order that the intended principal may be able effectively to ratify a contract, he must be in existence and ascertainable at the time of the act of the agent to be ratified, and be himself capable of entering into it1. If there is no such principal there can be no ratification, and the so-called agent may himself be liable on the contract2, and if so may, therefore, sue upon it3.

Contracts made in furtherance of the projects of an intended company, not actually formed, cannot be ratified by the company when it comes into existence, as the company could